Update in relation to Sincere Acres Sdn Bhd
Second tranche payment deadline for Sincere Acres acquisition extended to 28 February 2025.
- Second Tranche payment due RM28.0 million plus accrued interest
- Original payment date 8 March 2024
- Extended payment date 28 February 2025
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On 4 October 2023, the Company announced, amongst other matters, that MobilityOne Sdn Bhd ("M1 Malaysia"), the Group's wholly-owned operating subsidiary in Malaysia, had completed the acquisition of a 49% equity interest in Sincere for a cash consideration of RM30,000,000. It was further announced that whilst the first tranche, representing RM2.0 million, had been paid by M1 Malaysia to United Flagship Development Sdn Bhd (the "Vendor"), the second tranche, representing the balance of RM28.0 million (the "Second Tranche"), is required be paid by M1 Malaysia by 8 March 2024 (the "Second Tranche Payment Date").
The Second Tranche Payment Date has been subject to prior extensions, as announced by the Company on 8 March 2024 and 9 September 2024. The Vendor has, on 31 December 2024, agreed with the Company to further extend the Second Tranche Payment Date for payment of the Second Tranche plus accrued interest from 31 December 2024 to 28 February 2025 (the "Extended Second Tranche Payment Date").
All other terms of the acquisition of Sincere remain unchanged.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.